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Khan’s exit follows the departures of finance head Andrew Vollero and vice president of monetisation engineering Stuart Bowers in May.

Updated: Sep 10, 2018 20:35:42

By Reuters

Khan, 41, whose last day has not been determined, was named the chief strategy officer in 2015 and played a key role in taking Snap public in March last year.
(Reuters)

Snap Inc, the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level exit amid pressure to stem user declines following a controversial redesign of the app.

The company’s shares were down nearly 2 percent at $9.75 in early trading.

Khan, 41, whose last day has not been determined, was named the chief strategy officer in 2015 and played a key role in taking Snap public in March last year.

A former investment banker with Credit Suisse and a top-paid Snap executive, Khan received stock worth about $145 million at the time of joining, according to media reports.

Snap in August reported its first-ever drop in daily users, largely due to the redesign, but beat quarterly revenue estimates on a shift to primarily selling ads through self-service.

“I think investors would have been accepting of a change in strategy and a more clear articulation of that change, but Mr. Khan’s departure suggests that a more dramatic change in outlook may be coming,” said Michael Pachter, an analyst with Wedbush Securities.

Snap’s shares have lost 41.5 percent of their value since the market debut in March last year.

“The company has struggled - commercially and in terms of users and usage - relative to earlier much more optimistic expectations that were widely held,” said Pivotal Research Group analyst Brian Wieser.